Hormel hopes to meet $2B new products goal by 2012

At the Piper Jaffray 28th Annual Consumer Conference in New York, CFO Jody H. Feragen said, in comments that were webcast, the company beat its prior goal of adding $1 billion in new products by two years in early 2007. The Austin, Minn., company was charged with the challenge by Chief Executive Jeffrey M. Ettinger in 2000.

"When you meet one goal, your CEO is never going to be happy with that," Feragen said.

Feragen said new products introduced since 2000 include year-round party trays, 15-ounce Dinty Moore stews, microwave tray meals, turkey burgers and a line of pre-smoked ribs for restaurants.

She said Hormel will now focus on refrigerated entrees, microwave meals, new turkey products and ethnic foods, among others.

Feragen also said the company will keep looking for acquisitions that fit in with its businesses.

She added the company expects to see high grain costs continue to impact its Jennie-O Turkey Store division. Corn and soybeans are both key ingredients in animal feed and both have reached record levels in the past year.

Hormel shares rose 12 cents to $36.88 in afternoon trading.